Buy and self-custody a significant amount of bitcoin
After the internet’s best Introduction to Bitcoin curriculum
This post follows the fastest, most efficient learning path for people who want to get up to speed on Bitcoin, whether that’s for making an investment or transitioning to working in the industry. Read the main post here.
This post outlines how I would approach buying and self-custodying a significant amount of bitcoin as a beginner. The term significant here refers to an amount of bitcoin that you would seriously be upset about if you lost it.
In my Introduction to Bitcoin curriculum, I recommend:
- buying your first sats privately and securely from a friend or using a voucher system called Azteco, then
- self-custodying those sats using an app on your phone.
The Internet’s Best Introduction to Bitcoin Curriculum
Buy, receive, send, and understand Bitcoin in six hours
Those recommendations aren’t as appropriate for significant amounts of bitcoin. Here’s why:
- For buying, there is a limit to the amount of bitcoin you can buy using the methods I recommended. You might not be able to purchase the amount you want via your friend or Azteco. Also, there are methods that have lower fees than Azteco that may be of interest to you for buying a significant amount.
- For self-custodying, there are more secure technologies available than solely an app on your phone.
Here’s would I would approach buying and self-custodying a significant amount of bitcoin.
Self-custody a significant amount of bitcoin
Before you purchase a significant amount of bitcoin, I recommend having a more secure self-custody setup ready to receive the keys to that bitcoin.
I haven’t created an activity for this yet, so I will hand you off to Citadel Dispatch. This self-custody setup leverages Specter Desktop and COLDCARD.
bitcoin best practices - bitcoin core + specter + coldcard guide
The goal of this guide is to get you setup with using bitcoin in a reasonably easy, affordable, and secure way. After…
I may create an activity and offer group sessions/individual consultations to help with a setup like this in the future. If that interests you, let me know in a reply to this post or DM me on Twitter.
Buy a significant amount of bitcoin
To determine how you will buy your bitcoin, first decide how much personal information you are willing to give up. Watch the first 13 minutes of this video to learn about about the risks of attaching personal information to your bitcoin purchases.
- If you want to give up little to no personal information, a voucher platform like Azteco and peer-to-peer tools like Bisq, HodlHodl, LocalBitcoins, Paxful, and RoboSats are good options. You may have to make multiple purchases to reach your target amount. Note: some of these tools are Lightning network-based so you’ll have to send to your Phoenix Wallet first (from this activity) then to your Specter Desktop/COLDCARD setup after.
- If you are okay with giving up some personal information, there are many different ways of accomplishing your goal of buying bitcoin. The best method depends on your specific situation — how much you want to buy, your location, whether or not you have a business, and more. Read about the different methods here, then pick the one that suits you best.
I may create an activity and offer group sessions/individual consultations to help with the purchase process in the future. If that interests you, let me know in a reply to this post or DM me on Twitter.
That’s how I would approach buying and self-custodying a significant amount of bitcoin.
Read the main post in my Introduction to Bitcoin curriculum here. To dialogue and do the activities in that learning path with me and a group of your peers, join a live cohort here.
The content above provides education as to general privacy and security practices when using bitcoin. Should you choose to apply the practices described with bitcoin you own now or may purchase in the future, you do so at your own risk, and I shall in no event be liable for any loss suffered. Nothing shall be construed as providing consulting, financial advice, or general advice as to securing bitcoin.